---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

Form 10-Q

(Mark One)

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

or

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________________ to
__________________________

Commission File Number 000-50392

TRANSAKT LTD.(Exact name
of registrant as specified in its charter)

|Nevada                                                                                         | N/A                              
|---------------------------------------------------------------------------------------------- | ---------------------------------
|(State or other jurisdiction of incorporation or
      organization)                           | (IRS Employer Identification No.)
|                                                                                               |                                  
|Unit 8, 3/F., Wah Yiu Industrial Centre, 30-32 Au
      Pui Wan Street, Fo Tan, N.T. Hong Kong | N/A                              
|(Address of principal executive offices)                                                       | (Zip Code)                       

852-52389111(Registrants telephone number,
including area code)

N/A(Former name, former address and former
fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X]
YES      [   ] NO

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such
files).[   ] YES      [   ]
NO

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a small
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act.

|Large accelerated filer [   ] |                                                     | Accelerated
      filer               
         [   ]
|----------------------------- | --------------------------------------------------- | -----------------------------------------------------
|Non-accelerated filer   [   ] | (Do not check if a smaller
      reporting company) | Smaller reporting company [X]                        

Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act [   ]
YES      [X] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act
after the distribution of securities under a plan confirmed by a
court.[   ] YES      [   ]
NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the
issuers classes of common stock, as of the latest practicable date.

613,447,306 common shares issued and outstanding as of
May 20, 2015

1

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PART 1  FINANCIAL INFORMATION

Item 1. Financial Statement

Our unaudited interim financial statements for the three
periods ended March 31, 2015 form part of this quarterly report. They are stated
in United States Dollars (US$) and are prepared in accordance with United States
generally accepted accounting principles. These interim unaudited financial
statements should be read in conjunction with the companys audited financial
statements and the Form 10-K for the year ended December 31, 2014.

TRANSAKT LTD. AND SUBSIDIARIESCONDENSED
CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2015

|CONTENTS                                              |                 
|----------------------------------------------------- | ----------------
|                                                      | Page            
|                                                      |                 
|FINANCIAL STATEMENTS                                  |                 
|                                                      |                 
|Condensed
      Consolidated Balance Sheets           | F-1             
|                                                      |                 
|Condensed
      Consolidated Statements of Operations | F-2             
|                                                      |                 
|Condensed
      Consolidated Statements of Cash Flows | F-3             
|                                                      |                 
|Notes
      to Financial Statements                   | F-4
       F-12

2

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TRANSAKT LTD.CONDENSED CONSOLIDATED BALANCE
SHEETS

|                                                                                                                                                                                                                    |   | March 31,   |   |   | December 31, |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ----------- | - | - | ------------ | -
|                                                                                                                                                                                                                    |   | 2015        |   |   | 2014         |  
|ASSETS                                                                                                                                                                                                              |   |             |   |   |              |  
|Current Assets                                                                                                                                                                                                      |   |             |   |   |              |  
|Cash and
      cash equivalents                                                                                                                                                                                     | $ | 236,402     |   | $ | 208,922      |  
|Restricted cash                                                                                                                                                                                                     |   | 635         |   |   | 628          |  
|Accounts
      receivable, net                                                                                                                                                                                      |   |             |   |   |              |  
|Trade, net                                                                                                                                                                                                          |   | 36,921      |   |   | 63,773       |  
|Related parties                                                                                                                                                                                                     |   | 394,353     |   |   | 389,985      |  
|Other receivable, net                                                                                                                                                                                               |   | 1,158       |   |   | 26,899       |  
|Inventory                                                                                                                                                                                                           |   | 62,329      |   |   | 61,639       |  
|Advance to suppliers                                                                                                                                                                                                |   | 115,329     |   |   | 113,924      |  
|Due from
      related parties                                                                                                                                                                                      |   | 111,155     |   |   | 285,365      |  
|Prepayments                                                                                                                                                                                                         |   | 238,885     |   |   | 80,298       |  
|Total Current Assets                                                                                                                                                                                                |   | 1,197,167   |   |   | 1,231,433    |  
|Property & equipment, net                                                                                                                                                                                           |   | -           |   |   | -            |  
|Deposits                                                                                                                                                                                                            |   | 40,378      |   |   | 32,029       |  
|                                                                                                                                                                                                                    |   |             |   |   |              |  
|Total Assets                                                                                                                                                                                                        | $ | 1,237,545   |   | $ | 1,263,462    |  
|                                                                                                                                                                                                                    |   |             |   |   |              |  
|LIABILITIES AND
      STOCKHOLDERS' EQUITY                                                                                                                                                                          |   |             |   |   |              |  
|Current Liabilities                                                                                                                                                                                                 |   |             |   |   |              |  
|Accounts
      payable                                                                                                                                                                                              | $ | 757,401     |   | $ | 932,638      |  
|Accrued expenses                                                                                                                                                                                                    |   | 111,023     |   |   | 116,647      |  
|Construction payable                                                                                                                                                                                                |   | 76,043      |   |   | 75,201       |  
|Loan payable to related
      party                                                                                                                                                                                 |   | -           |   |   | 2,912        |  
|Other
      payable                                                                                                                                                                                                 |   | 98,452      |   |   | -            |  
|Customer deposit                                                                                                                                                                                                    |   | 239,495     |   |   | -            |  
|Total Current Liabilities                                                                                                                                                                                           |   | 1,282,414   |   |   | 1,127,398    |  
|                                                                                                                                                                                                                    |   |             |   |   |              |  
|Total liabilities                                                                                                                                                                                                   |   | 1,282,414   |   |   | 1,127,398    |  
|                                                                                                                                                                                                                    |   |             |   |   |              |  
|Stockholders' Equity                                                                                                                                                                                                |   |             |   |   |              |  
|Preferred
      stock, 200,000,000 shares authorized for
      issuance,           $0.001
      par value, 0 share issued and outstanding                                                                           |   | -           |   |   | -            |  
|Common stock, 700,000,000
      shares authorized for
      issuance,           $0.001
      par value, 613,447,306 shares
      issued           and
      outstanding at December 31, 2014 and 2013, respectively |   | 613,447     |   |   | 613,447      |  
|Additional paid-in
      capital                                                                                                                                                                                    |   | 24,534,404  |   |   | 24,534,404   |  
|Accumulated deficit                                                                                                                                                                                                 |   | (21,653,977 | ) |   | (21,514,222  | )
|Other comprehensive
      income                                                                                                                                                                                    |   | (524,301    | ) |   | (484,635     | )
|Stock
      subscription receivable                                                                                                                                                                                 |   | (1,200,000  | ) |   | (1,200,000   | )
|Treasury stock,
      common stock, at cost, 45,000,000 shares
      at      December 31, 2014 and 2013,
      respectively                                                                                         |   | (1,800,000  | ) |   | (1,800,000   | )
|Total
      Stockholders' Equity                                                                                                                                                                                    |   | (30,427     | ) |   | 148,994      |  
|Non-controlling interest                                                                                                                                                                                            |   | (14,442     | ) |   | (12,930      | )
|Total
      Equity                                                                                                                                                                                                  |   | (44,869     | ) |   | 136,064      |  
|                                                                                                                                                                                                                    |   |             |   |   |              |  
|Total Liabilities and
      Equity                                                                                                                                                                                  | $ | 1,237,545   |   | $ | 1,263,462    |  

The accompanying notes are an integral part of the financial
statements

F-1

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TRANSAKT LTD.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(UNAUDITED)

|                                                                               |   | Three Months   |   |   | Three Months   |  
|------------------------------------------------------------------------------ | - | -------------- | - | - | -------------- | -
|                                                                               |   | Ended          |   |   | Ended          |  
|                                                                               |   | March 31, 2015 |   |   | March 31, 2014 |  
|                                                                               |   |                |   |   |                |  
|Sales, net                                                                     | $ | 71,658         |   | $ | 109,007        |  
|Cost of sales                                                                  |   | 86,536         |   |   | 437,916        |  
|                                                                               |   |                |   |   |                |  
|Gross profit                                                                   |   | (14,878        | ) |   | (328,909       | )
|Selling, general and
      administrative expenses                             |   | 129,143        |   |   | 291,989        |  
|Impairment loss on fixed assets                                                |   | -              |   |   | -              |  
|Impairment loss on goodwill                                                    |   | -              |   |   | -              |  
|Loss from operations                                                           |   | (144,021       | ) |   | (620,898       | )
|Other income (expense)                                                         |   |                |   |   |                |  
|Interest income                                                                |   | 48             |   |   | 96             |  
|Interest
      expense                                                         |   | (38            | ) |   | (1,475         | )
|Loss from investments                                                          |   | -              |   |   | -              |  
|Loss from
      disposal of subsidiary                                         |   | -              |   |   | -              |  
|Currency exchange gain
      (loss)                                            |   | 1,205          |   |   | (12,736        | )
|Gain on
      disposal of fixed assets                                         |   | -              |   |   | -              |  
|Other income                                                                   |   | 1,540          |   |   | -              |  
|Total
      other income (expenses)                                            |   | 2,755          |   |   | (14,115        | )
|Loss before income taxes                                                       |   | (141,266       | ) |   | (635,013       | )
|Provision for income taxes
      expense (benefit)                             |   | -              |   |   | -              |  
|Net loss                                                                       |   | (141,266       | ) |   | (635,013       | )
|Net gain (loss) attributable
      to non-controlling interest                 |   | (1,512         | ) |   | (9,193         | )
|Net loss attributable to TRANSAKT LTD.                                         | $ | (139,754       | ) | $ | (625,820       | )
|                                                                               |   |                |   |   |                |  
|Loss per share:                                                                |   |                |   |   |                |  
|Basic and diluted income
      (loss) common stockholders per share Net loss   | $ | (0.00          | ) | $ | (0.00          | )
|                                                                               |   |                |   |   |                |  
|Weighted average number of
      shares outstanding:                           |   |                |   |   |                |  
|Basic and diluted                                                              |   | 568,447,306    |   |   | 568,447,306    |  
|                                                                               |   |                |   |   |                |  
|Other Comprehensive Income (Loss)                                              |   |                |   |   |                |  
|Net loss                                                                       | $ | (141,266       | ) | $ | (635,013       | )
|Foreign currency translation adjustment                                        |   | 524,301        |   |   | (51,042        | )
|Comprehensive income (loss)                                                    |   | 383,035        |   |   | (686,055       | )
|Comprehensive income (loss) attributable to
      the non-controlling interest |   | 1,512          |   |   | (9,196         | )
|Comprehensive income (loss)
      attributable to TRANSAKT LTD.                | $ | 384,547        |   | $ | (676,859       | )

The accompanying notes are an integral part of the financial
statements

F-2

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TRANSAKT LTD.CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWSFOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(UNAUDITED)

|                                                                                  |   | Three Months
      Ended |   |   | Three Months
      Ended |  
|--------------------------------------------------------------------------------- | - | ------------------------ | - | - | ------------------------ | -
|                                                                                  |   | March 31, 2015           |   |   | March 31, 2014           |  
|Cash flows from operating
      activities                                        |   |                          |   |   |                          |  
|Net loss available to
      common stockholders                                   | $ | (139,754                 | ) | $ | (625,820                 | )
|Adjustments to reconcile net
      loss to net cash used in operating activities: |   |                          |   |   |                          |  
|Minority interest                                                                 |   | (1,512                   | ) |   | (9,193                   | )
|Gain on
      disposal of assets                                                  |   | -                        |   |   | -                        |  
|Impairment loss on fixed
      assets                                             |   | -                        |   |   | -                        |  
|Depreciation expense                                                              |   | -                        |   |   | 104,001                  |  
|Changes in assets and
      liabilities:                                          |   |                          |   |   |                          |  
|Decrease (Increase) in
      accounts receivable                                  |   | (3,948                   | ) |   | (769                     | )
|Decrease (Increase) in other receivable                                           |   | 25,741                   |   |   | (28,076                  | )
|Decrease (Increase) in
      inventory                                            |   | (494,506                 | ) |   | 3,805                    |  
|Decrease (Increase) in advance to
      suppliers                                 |   | (1,405                   | ) |   | (127,280                 | )
|Decrease (Increase) in
      prepayments                                          |   | (158,587                 | ) |   | 333,548                  |  
|Decrease (Increase) in deposits                                                   |   | (8,349                   | ) |   | (297                     | )
|Increase (Decrease) in
      accounts payable and accrued expenses                |   | (65,464                  | ) |   | (184,669                 | )
|Increase (Decrease) in customer deposits                                          |   | 238,618                  |   |   | -                        |  
|Net cash
      used in operating activities                                       |   | (609,166                 | ) |   | (534,750                 | )
|                                                                                  |   |                          |   |   |                          |  
|Cash flows from investing
      activities                                        |   |                          |   |   |                          |  
|Restricted cash                                                                   |   | -                        |   |   | -                        |  
|Acquisition of property and equipment                                             |   | -                        |   |   | (11,855                  | )
|Payment for factory
      construction                                            |   | -                        |   |   | (145,799                 | )
|Net cash
      used in investing activities                                       |   | -                        |   |   | (157,654                 | )
|                                                                                  |   |                          |   |   |                          |  
|Cash flows from financing
      activities                                        |   |                          |   |   |                          |  
|Principal payments under
      capital lease obligations                          |   | -                        |   |   | (18,343                  | )
|Net
      proceeds of short-term loans from shareholders                          |   | 174,210                  |   |   | -                        |  
|Due to related party                                                              |   | -                        |   |   | 214,620                  |  
|Net cash
      provided by financing activities                                   |   | 174,210                  |   |   | 196,277                  |  
|Effect of exchange rate changes on cash and
      cash equivalents                |   | 462,436                  |   |   | (11,979                  | )
|Net increase (decrease) in
      cash and cash equivalents                        |   | 27,480                   |   |   | (508,106                 | )
|Cash and cash equivalents                                                         |   |                          |   |   |                          |  
|Beginning                                                                         |   | 208,922                  |   |   | 3,186,590                |  
|Ending                                                                            |   | 236,402                  |   | $ | 2,678,484                |  
|                                                                                  |   |                          |   |   |                          |  
|Supplemental disclosure of cash flows                                             |   |                          |   |   |                          |  
|Cash paid
      during the year for:                                              |   |                          |   |   |                          |  
|Income
      tax                                                                  |   | -                        |   | $ | -                        |  
|Interest
      expense                                                            |   | 38                       |   | $ | 1,475                    |  

The accompanying notes are an integral part of the financial
statements

F-3

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TRANSAKT LTD. NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTSMARCH 31, 2015

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally accepted accounting
principles in the United States (GAAP) for interim financial reporting and in
accordance with instructions for Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, the unaudited condensed consolidated financial
statements contained in this report reflect all adjustments that are normal and
recurring in nature and considered necessary for a fair presentation of the
financial position and the results of operations for the interim periods
presented. The year-end condensed balance sheet data was derived from audited
financial statements, but does not include all disclosures required by GAAP. The
results of operations for the interim period are not necessarily indicative of
the results expected for the full year. These unaudited, condensed consolidated
financial statements, footnote disclosures and other information should be read
in conjunction with the financial statements and the notes thereto included in
the Companys Annual Report on Form 10-K for the year ended December 31,
2014.

Organization

TransAKT Ltd. (the Company) was incorporated under the laws
of the Province of Alberta on June 3, 1997. The Company completed the
acquisition of Green Point Resources Inc. on October 18, 2000 whereby it became
a publicly traded company listed on the Canadian Venture Exchange. In 2004 the
Company voluntarily delisted from the TSX Venture Exchange and retained a
listing on the Over the Counter Bulletin Board in the United States.

In October 2004 the Company purchased certain assets of IP
Mental Inc., a Taiwan based Voice over Internet Protocol (VoIP) company. The
company name was changed from TransAKT Corp. to TransAKT Ltd. on September 29,
2006. The Company designs and develops Voice over Internet Protocol (VoIP)
solutions and mobile payment terminals for the consumer electronics industry.

On November 15, 2006 TransAKT Ltd and the shareholders of
Taiwan Harlee International Co. Ltd. (HTT), entered into a Share Exchange
Agreement in which TransAKT Ltd. acquired 100% of Taiwan Harlee International
Co. Ltd.s outstanding common stock. HTT was incorporated under the laws of
Republic of China in 1985. HTT is engaged in designing, manufacturing and
distribution of Taiwan telecommunications equipment. The acquisition has been
accounted for as a reverse acquisition under the purchase method of accounting.
Accordingly, the merger of the two companies has been recorded as a
recapitalization of HTT, with HTT being treated as the continuing entity.

On August 12, 2010, the Company filed the Registration
Statement (Form S-4) in connection with the continuation of the Company from
Alberta to Nevada. Based upon the number of common shares of TransAKT Ltd., a
Nevada corporation (TransAKT Nevada), to be issued to the shareholders of
TransAKT Ltd., an Alberta corporation (TransAKT Alberta), on a one-for-one
basis upon completion of the Continuation and based on 102,645,120 shares of
common stock of TransAKT Ltd., an Alberta corporation, issued and outstanding as
of August 12, 2010.

On July 26, 2012, the Company acquired 100% equity of Vegfab
Agricultural Technology Co. Ltd. (the Vegfab), a company incorporated under
the laws of the Republic of China (ROC, Taiwan). Vegfab is mainly engaged in
selling agricultural equipment used to grow vegetables using simulated sunlight
from LED lamps in hydroponic systems.

F-4

---

On January 4, 2013, the Company entered into a Share Purchase
and Sale Agreement with a shareholder pursuant to which the Company sold to him
100% of all issued and outstanding securities of its wholly owned subsidiary
Taiwan Harlee International Corporation (HTT). In consideration of the sale of
HTT, the shareholder has transferred to the Company 45,000,000 previously issued
common voting shares of TransAKT with a deemed value of $0.04 per share or $1.8
million in the aggregate.

On October 30, 2013, Million Talented Ltd., a third party,
contributed $516 (equals to HKD 4,000) to obtain 40% ownership of TransAKT Bio
Agritech Ltd., formerly named as TransAKT (H.K) Ltd., (TransAKT H.K.).
TransAKT H.K. was incorporated in Hong Kong on November 20, 2007. It had no
operation until 2013. TransAKT H.K.'s primary business is conducting research
and development on new agricultural technology relating to the Companys
business.

Principles of Consolidation

The consolidated financial statements include the accounts of
TransAKT Holdings Limited and its wholly owned subsidiaries, including, TransAKT
Taiwan Limited, Vegfab Agricultural Technology Co., Ltd., and TransAKT Bio
Agritech Ltd., collectively referred to within as the Company. All material
intercompany accounts, transactions, and profits have been eliminated in
consolidation.

Going Concern

The Company has incurred a net loss attributable to common
stockholders of $139,754 and $625,820 during the three months ended March 31,
2015 and 2014, respectively, and had an accumulated deficit of $21,653,977 and
$21,514,222 as of March 31, 2015 and December 31, 2014, respectively.

The accompanying consolidated financial statements have been
prepared assuming that the Company will continue as a going concern. This basis
of accounting contemplates the recovery of the Companys assets and the
satisfaction of liabilities in the normal course of business. This presentation
presumes funds will be available to finance ongoing research and development,
operations and capital expenditures and permit the realization of assets and the
payment of liabilities in the normal course of operations for the foreseeable
future.

The ability of the Company to continue research and development
projects and realize the capitalized value of proprietary technologies and
related assets is dependent upon future commercial success of the technologies
and raising sufficient funds to continue research and development as well as to
effectively market its products. Through March 31, 2015, the Company has not
realized commercial success of the technologies, nor have they raised sufficient
funds to continue research and development or to market its products.

There can be no assurances that there will be adequate
financing available to the Company and the consolidated financial statements do
not include any adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and classification of
liabilities that may result from the outcome of this uncertainty.

The Company has taken certain restructuring steps to provide
the necessary capital to continue its operations. These steps included: (1)
Tightly budgeting and controlling all expenses; (2) Expanding the companys
operations into China, expanding product lines and recruiting a strong sales
team to significantly increase sales revenue and profit in 2015; (3) The Company
plans to continue actively seeing additional funding opportunities to improve
and expand upon our product lines.

Use of Estimates

The preparation of financial statements in conformity with
generally accepted accounting principles in the United States (GAAP) requires
management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

F-5

---

Revenue Recognition

Revenues are recognized when finished products are shipped to
  customers and both title and the risks and rewards of ownership are transferred
  and collectability is reasonably assured. The Companys revenues are recorded
upon confirmed acceptance after inspection by the customers of the Company.

Exchange Gain (Loss):

During the three months ended March 31, 2015 and 2014, the
transactions of TransAKT Holdings Limited, TransAKT Taiwan Limited, Vegfab
Agricultural Technology Co., Ltd., and TransAKT Bio Agritech Ltd. were
denominated in foreign currency and were recorded in New Taiwan Dollar (NTD) and
Hong Kong Dollar (HKD) at the rates of exchange in effect when the transactions
occur. Exchange gains and losses are recognized for the different foreign
exchange rates applied when the foreign currency assets and liabilities are
settled.

Translation Adjustment

The Company financial statements are presented in the U.S.
dollar ($), which is the Companys reporting currency, while its functional
currency is New Taiwan dollar (NTD) and Hong Kong Dollar (HKD). Transactions in
foreign currencies are initially recorded at the functional currency rate ruling
at the date of transaction. Any differences between the initially recorded
amount and the settlement amount are recorded as a gain or loss on foreign
currency transaction in the consolidated statements of income. Monetary assets
and liabilities denominated in foreign currency are translated at the functional
currency rate of exchange ruling at the balance sheet date. Any differences are
taken to profit or loss as a gain or loss on foreign currency translation in the
statements of income.

In accordance with ASC 830, Foreign Currency Matters, the
Company translates the assets and liabilities into U.S. dollar ($) using the
rate of exchange prevailing at the balance sheet date and the statements of
operations and cash flows are translated at an average rate during the reporting
period. Adjustments resulting from the translation from NTD and HKD into U.S.
dollar are recorded in stockholders equity as part of accumulated other
comprehensive income.

Comprehensive Income

Comprehensive income includes accumulated foreign currency
translation gains and losses. The Company has reported the components of
comprehensive income on its statements of stockholders equity.

Advertising

Advertising expenses consist primarily of costs of promotion
for corporate image and product marketing and costs of direct advertising. The
Company expenses all advertising costs as incurred.

Income Taxes

The Company accounts for income taxes in accordance with ASC
740, Income Taxes, which requires that the Company recognize deferred tax
liabilities and assets based on the differences between the financial statement
carrying amounts and the tax basis of assets and liabilities, using enacted tax
rates in effect in the years the differences are expected to reverse. Deferred
income tax benefit (expense) results from the change in net deferred tax assets
or deferred tax liabilities. A valuation allowance is recorded when, in the
opinion of management, it is more likely than not that some or all of any
deferred tax assets will not be realized.

F-6

---

Statement of Cash Flows

In accordance with generally accepted accounting principles
(GAAP), cash flows from the Companys operations are based upon the local
currencies. As a result, amounts related to assets and liabilities reported on
the statement of cash flows will not necessarily agree with changes in the
corresponding balances on the balance sheet.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to
concentrations of credit risk are accounts receivable and other receivables
arising from its normal business activities. The Company has a diversified
customer base. The Company controls credit risk related to accounts receivable
through credit approvals, credit limits and monitoring procedures. The Company
routinely assesses the financial strength of its customers and, based upon
factors surrounding the credit risk, establishes an allowance, if required, for
uncollectible accounts and, as a consequence, believes that its accounts
receivable credit risk exposure beyond such allowance is limited.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand and cash in time
deposits, certificates of deposit, and all highly liquid debt instruments with
original maturities of three months or less.

Allowance for Doubtful Accounts

The Company maintains reserves for potential credit losses on
accounts receivable. Management reviews the composition of accounts receivable
and analyzes historical bad debts, customer concentrations, customer credit
worthiness, current economic trends and changes in customer payment patterns to
evaluate the adequacy of these reserves. Allowance for doubtful debts amounted
to $30,800 and $30,459 as of March 31, 2015 and December 31, 2014.

Inventory

Inventories are valued at the lower of cost (determined on a
weighted average basis) or market. The Management compares the cost of
inventories with the market value and allowance is made for writing down their
inventories to market value, if lower. As of March 31, 2015 and December 31,
2014, inventory consisted of raw materials, work-in-process, and finished
goods.

Property, Plant & Equipment

Property and equipment are stated at cost. Expenditures for
maintenance and repairs are charged to earnings as incurred; additions, renewals
and betterments are capitalized. When property and equipment are retired or
otherwise disposed of, the related cost and accumulated depreciation are removed
from the respective accounts, and any gain or loss is included in operations.
Depreciation of property and equipment is provided using the straight-line
method for substantially all assets with estimated lives of:

Furniture and Fixtures
    
    3 - 5 yearsMachine and equipment
    
    3 - 10 yearsComputer Hardware and
      Software
    
    3 - 5 yearsAutomobile
    
    3 - 5 yearsLeasehold improvement
    
    30 years


The cost and related accumulated depreciation of assets sold or
otherwise retired are eliminated from the accounts and any gain or loss is
included in the statements of operations. The cost of maintenance and repairs is
charged to expenses as incurred, whereas significant renewals and betterments
are capitalized.

F-7

---

Long-term assets of the Company are reviewed annually as to
whether their carrying value has become impaired, pursuant to the guidelines
established in FASB ASC Topic 360, Property, Plant, and Equipment (formerly
SFAS No. 144). The Company also re-evaluates the periods of amortization to
determine whether subsequent events and circumstances warrant revised estimates
of useful lives.

Fair Value of Financial Instruments

In the first quarter of fiscal year 2008, the Company adopted
Accounting Standards Codification subtopic 820-10, Fair Value Measurements and
Disclosures (ASC 820-10). ASC 820-10 defines fair value, establishes a
framework for measuring fair value, and enhances fair value measurement
disclosure. ASC 820-10 delays, until the first quarter of fiscal year 2009, the
effective date for ASC 820-10 for all non-financial assets and non-financial
liabilities, except those that are recognized or disclosed at fair value in the
financial statements on a recurring basis (at least annually). The adoption of
ASC 820-10 did not have a material impact on the Companys financial position or
operations.

Effective October 1, 2008, the Company adopted Accounting
Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures
(ASC 820-10) and Accounting Standards Codification subtopic 825-10, Financial
Instruments (ASC 825-10), which permits entities to choose to measure many
financial instruments and certain other items at fair value. Neither of these
statements had an impact on the Companys unaudited condensed consolidated
financial position, results of operations or cash flows. The carrying value of
cash and cash equivalents, accounts payable and short-term borrowings, as
reflected in the balance sheets, approximate fair value because of the
short-term maturity of these instruments.

Stock-based Compensation

The Company records stock-based compensation expense pursuant
to ASC 718-10, "Share Based Payment Arrangement, which requires
companies to measure compensation cost for stock-based employee compensation
plans at fair value at the grant date and recognize the expense over the
employee's requisite service period. The Companys expected volatility
assumption is based on the historical volatility of Companys stock or the
expected volatility of similar entities. The expected life assumption is
primarily based on historical exercise patterns and employee post-vesting
termination behavior. The risk-free interest rate for the expected term of the
option is based on the U.S. Treasury yield curve in effect at the time of
grant.

Stock-based compensation expense is recognized based on awards
expected to vest, and there were no estimated forfeitures as the Company has a
short history of issuing options. ASC 718-10 requires forfeitures to be
estimated at the time of grant and revised in subsequent periods, if necessary,
if actual forfeitures differ from those estimates.

Net Loss Per Share

The Company has adopted Accounting Standards Codification
subtopic 260-10, Earnings Per Share (ASC 260-10) which specifies the
computation, presentation and disclosure requirements of earnings per share
information. Basic earnings per share have been calculated based upon the
weighted average number of common shares outstanding. Common equivalent shares
are excluded from the computation of the diluted loss per share if their effect
would be anti-dilutive.

Intangible Assets

Intangible assets include a patent. With the adoption of FASB
ASC Topic 350, Intangibles (formerly SFAS No. 142), intangible assets with a
definite life are amortized on a straight-line basis. The patent is being
amortized over its estimated life of 10 years. Intangible assets with a definite
life are tested for impairment whenever events or circumstances indicate that a
carrying amount of an asset (asset group) may not be recoverable. An impairment
loss would be recognized when the carrying amount of an asset exceeds the
estimated undiscounted cash flows used in determining the fair value of the
asset. The amount of the impairment loss to be recorded is calculated by the
excess of the assets carrying value over its fair value. Fair value is
generally determined using a discounted cash flow analysis. Costs related to
internally develop intangible assets are expensed as incurred.

F-8

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Recent Accounting Pronouncements

In February 18, 2015, FASB issued ASU 2015-02Consolidation
(Topic 810). The amendments in this Update affect reporting entities that are
required to evaluate whether they should consolidate certain legal entities. All
legal entities are subject to reevaluation under the revised consolidation
model. Specifically, the amendments: (1) Modify the evaluation of whether
limited partnerships and similar legal entities are variable interest entities
(VIEs) or voting interest entities; (2) Eliminate the presumption that a general
partner should consolidate a limited partnership; (3) Affect the consolidation
analysis of reporting entities that are involved with VIEs, particularly those
that have fee arrangements and related party relationships; (4) Provide a scope
exception from consolidation guidance for reporting entities with interests in
legal entities that are required to comply with or operate in accordance with
requirements that are similar to those in Rule 2a-7 of the Investment Company
Act of 1940 for registered money market funds. The amendments in this Update are
effective for public business entities for fiscal years, and for interim periods
within those fiscal years, beginning after December 15, 2015. The adoption of
this standard is not expected to have a material impact on the Companys
consolidated financial position and results of operations.

In August 2014, FASB issued ASU No. 2014-15, Preparation of
Financial Statements  Going Concern (Subtopic 205-40), Disclosure of
Uncertainties about an Entity's Ability to Continue as a Going Concern. Under
U.S. GAAP, continuation of a reporting entity as a going concern is presumed as
the basis for preparing financial statements unless and until the entity's
liquidation becomes imminent. Preparation of financial statements under this
presumption is commonly referred to as the going concern basis of accounting. If
and when an entity's liquidation becomes imminent, financial statements should
be prepared under the liquidation basis of accounting in accordance with
Subtopic 205-30, Presentation of Financial StatementsLiquidation Basis of
Accounting. Even when an entity's liquidation is not imminent, there may be
conditions or events that raise substantial doubt about the entity's ability to
continue as a going concern. In those situations, financial statements should
continue to be prepared under the going concern basis of accounting, but the
amendments in this Update should be followed to determine whether to disclose
information about the relevant conditions and events. The amendments in this
Accounting Standards Update are effective for the annual period ending after
December 15, 2016, and for annual periods and interim periods thereafter. Early
application is permitted. The Company will evaluate the going concern
considerations in this ASU, however, at the current period, management does not
believe that it has met conditions which would subject these condensed
consolidated financial statements for additional disclosure.

In May 2014, the FASB issued ASU 2014-9, Revenue from
Contracts with Customers. The core principle of the guidance is that an entity
should recognize revenue to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services. An entity should
disclose sufficient information to enable users of financial statements to
understand the nature, amount, timing, and uncertainty of revenue and cash flows
arising from contracts with customers. For a public entity, the amendments in
this Update are effective for annual reporting periods beginning after December
15, 2016, including interim periods within that reporting period. Early
application is not permitted. The adoption of this standard is not expected to
have a material impact on the Companys consolidated financial position and
results of operations.

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic
740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss
Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. An
unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be
presented in the financial statements as a reduction to a deferred tax asset. To
the extent a net operating loss carryforward, a similar tax loss, or a tax
credit carryforward is not available at the reporting date under the tax law of
the applicable jurisdiction to settle any additional income taxes that would
result from the disallowance of a tax position or the tax law of the applicable
jurisdiction does not require the entity to use, and the entity does not intend
to use, the deferred tax asset for such purpose, the unrecognized tax benefit
should be presented in the financial statements as a liability and should not be
combined with deferred tax assets. The assessment of whether a deferred tax
asset is available is based on the unrecognized tax benefit and deferred tax
asset that exist at the reporting date and should be made presuming disallowance
of the tax position at the reporting date. For public entities, the guidance is
effective prospectively for reporting periods beginning after December 15, 2013.
For nonpublic entities, the guidance is effective prospectively for reporting periods beginning after December 15, 2014. Early
adoption is permitted. The adoption of this standard is not expected to have a
material impact on the Companys consolidated financial position and results of
operations.

F-9

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Subsequent Events

The Company evaluated all events or transactions that occurred
  after March 31, 2015 up through the date the Company issued these financial
statements.

NOTE 2 - RELATED PARTY TRANSACTIONS

Related party sales

The Company had sales to Guangdong Dong Long Metal Mold
Machinery, Co., Ltd., (Dong Long), a company owned by a relative of our
director and major shareholder, in an aggregate amount of $0 and $3,550 for the
three months ended March 31, 2015 and 2014, respectively. Accounts receivable
due from Dong Long was $0 and $389,985 as of March 31, 2015 and December 31,
2014, respectively.

Due from related parties

During the first quarter of 2015, an officer and shareholder
received a cash advance from the Company in an aggregate amount of $111,115.

NOTE 3  PROPERTY, PLANT, AND EQUIPMENT:

Property, plant and equipment consist of the following:

|                         |   | March 31, 2015 |   |   | December 31, 2014 |  
|------------------------ | - | -------------- | - | - | ----------------- | -
|Machine and equipment    | $ | 273,789        |   | $ | 273,789           |  
|Furniture and fixtures   |   | 23,455         |   |   | 23,455            |  
|Leasehold improvements   |   | -              |   |   | -                 |  
|Total cost               |   | 297,244        |   |   | 297,244           |  
|Accumulated depreciation |   | (297,244       | ) |   | (297,244          | )
|                         | $ | -              |   | $ | -                 |  

Depreciation expenses were $0 and $104,001 for the three months
ended March 31, 2015 and 2014, respectively.

NOTE 4 - COMMITTMENTS

Operating Leases

The Company leases various office, warehouse, store, and
factory facilities under operating leases that expire on various dates through
2020. Rental expense for these leases consisted of approximately $25,131 and
$36,445 for the three months ended March 31, 2015 and 2014, respectively.

F-10

---

Future minimum lease payments under the operating leases are
summarized as follows:

|As of March 31, |   | Amount  | 
|--------------- | - | ------- | 
|2016            | $ | 74,258  | 
|2017            |   | 66,349  | 
|2018            |   | 62,461  | 
|2019            |   | 61,832  | 
|Thereafter      |   | 92,748  | 
|Total           | $ | 357,648 | 

NOTE 5  SHARE-BASED COMPENSATION

On April 19, 2013, the Company granted to Mr. Christian
Nielsen, accounting manager stock options to purchase 1,000,000 of the Companys
common stock for services performed for the Company, at an exercise price of
$0.03 per share. The options have a five-year contractual term and are vested at
the date of grant.

In accordance with the guidance provided in ASC Topic 718,
Stock Compensation, the compensation costs associated with these options are
recognized, based on the grant-date fair values of these options, over the
requisite service period, or vesting period. Accordingly, the Company recognized
a compensation expense of $56,643 for the period ended December 31, 2013.

The Company estimated the fair value of these options using the
Black-Scholes-Merton option pricing model based on the following
weighted-average assumptions:

Date of grant
    
    19-Apr-13Fair value of common stock on
      date of grant (A)
    $
    0.06Exercise price of the options
    $
    0.03Expected life of the options
      (years)
    
    2.50Dividend yield
    
    0.00%Expected volatility
    
    223.57%Risk-free interest rate
    
    0.27%Expected forfeiture per year
      (%)
    
    0.00%Weighted-average fair value of the options
      (per unit)
    $
    0.0566


|(A) | The fair value of the Company's common stock was obtained
      from the closing price on the OTC Bulletin Board as of the dates of
      grant.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------

Fair value hierarchy of the above assumptions can be
categorized as follows:

|(1) | Level 1 inputs include:                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                 
|    | Fair value of common stock on date of grant- Obtained
      from the closing price of the Companys common stock quoted on the OTC
      Bulletin Board as of the date of grant.
|    |                                                                                                                                                                                 
|(2) | Level 2 inputs include:                                                                                                                                                         
|    |                                                                                                                                                                                 
|    | Expected volatility- Based on historical volatility of
      the closing price of the Companys common stock quoted on the OTC Bulletin
      Board.                            
|    |                                                                                                                                                                                 
|    | Risk-free rate- The risk-free rate of return reflects the
      interest rate for United States Treasury Note with similar
      time-to-maturity to that of the options.       

F-11

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|(3) | Level 3 inputs include:                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                
|    | Expected lives- The expected lives of options granted
      were derived from the output of the option valuation model and represented
      the period of time that options granted are expected to be
    outstanding.                       
|    |                                                                                                                                                                                                                                                
|    | Expected forfeitures per year- The expected forfeitures
      are estimated at the dates of grant and will be revised in subsequent
      periods pursuant to actual forfeitures, if significantly different from
      the previous estimates.

The estimates of fair value from the model are theoretical
values of stock options and changes in the assumptions used in the model could
result in materially different fair value estimates. The actual value of the
stock options will depend on the market value of the Companys common stock when
the stock options are exercised.

Options issued and outstanding as of March 31, 2014 and their
activities during the twelve months then ended are as follows:

Weighted-AverageNumber of
    
    
    Weighted-Average
    
    
    Contractual LifeUnderlying
    
    
    Exercise Price Per
    
    
    Remaining inShares
    
    
    Share
    
    
    YearsOutstanding as of January 1,
      2015
    
    -
    
    $
    -Granted
    
    1,000,000
    
    
    0.03Expired
    
    -
    
    
    -Forfeited
    
    -
    
    
    -Outstanding as of March 31,
      2015
    
    1,000,000
    
    
    0.03
    
    
    4.80Exercisable as of March 31, 2015
    
    1,000,000
    
    
    0.03
    
    
    4.80Vested and expected to vest
    
    1,000,000
    
    
    0.03
    
    
    4.80


As of March 31, 2015, the aggregate intrinsic value of options
outstanding was $56,643.

NOTE 6  NON-CONTROLLING INTEREST

On October 30, 2013, the Company invested a subsidiary,
TransAKT H.K. The Company has a 60% interest and Million Talented Ltd. holds a
40% interest. As such, no-controlling interest consisted of the following:

|                                                                          |   | March 31, 2015 |   |   | December 31, 2014 |  
|------------------------------------------------------------------------- | - | -------------- | - | - | ----------------- | -
|Beginning Balance                                                         | $ | (12,930        | ) | $ | (10,244           | )
|Formation of subsidiary                                                   |   | -              |   |   | -                 |  
|Net loss attributed to
      non-controlling interest                     |   | (1,512         | ) |   | (2,170            | )
|Other comprehensive income attributable to
      non-controlling interest |   | -              |   |   | (516              | )
|                                                                          | $ | (14,442        | ) | $ | (12,930           | )

******

F-12

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Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations

This quarterly report contains forward-looking statements.
These statements relate to future events or our future financial performance. In
some cases, you can identify forward-looking statements by terminology such as
may, should, expects, plans, anticipates, believes, estimates,
predicts, potential or continue or the negative of these terms or other
comparable terminology. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, including the risks in the
section entitled Risk Factors, that may cause our or our industrys actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements. Except as required by
applicable law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform these
statements to actual results.

Our financial statements are stated in United States Dollars
(US$) and are prepared in accordance with United States Generally Accepted
Accounting Principles.

In this quarterly report, unless otherwise specified, all
dollar amounts are expressed in United States dollars and all references to
common shares refer to the common shares in our capital stock.

As used in this current report and unless otherwise indicated,
the terms "we", "us" and "our" mean TransAKT Ltd., a Nevada corporation, and our
wholly owned subsidiary, TransAKT Holdings Limited, a Turks and Caicos company
and its wholly owned subsidiary TransAKT Taiwan Limited, our wholly owned
subsidiary, Vegfab Agricultural Technology Co. Ltd., a Taiwanese company, and
TransAKT Bio Agritech Ltd., a 60%-owned subsidiary company in Hong Kong (S.A.R),
unless otherwise indicated.

General Overview

TransAKT Ltd. was incorporated in the Province of British
Columbia on December 10, 1996 as Green Point Resources Inc. On October 18, 2000,
we changed our name to Wildcard Wireless Solutions Inc. On June 30, 2001, we
filed Articles of Continuance in the Province of Alberta and became an Alberta
corporation. On that same day, we conducted an amalgamation with Wildcard
Communications Canada Inc., an Alberta corporation, our wholly-owned subsidiary,
wherein Wildcard Communications Canada was merged into Wildcard Wireless
Solutions Inc. On June 20, 2003, we changed our name to TransAKT Corp. We
changed our name from TransAKT Corp. to TransAKT Ltd. on July 12, 2006.
Effective December 2, 2010, following approval by our shareholders on November
17, 2010, we re-domesticated our company from the Province of Alberta, Canada
and became a Nevada corporation.

We have operated principally as a research and development
company since our inception. Initial seed capital has been directed toward areas
of product research and development, patent filings and administration. We
initially focused on the research, design, development and manufacturing of
mobile payment terminals. However, the sale of these payment terminals reached
its end-of life due to changes in cellular phone regulations and limited
acceptance in the marketplace.

In October 2004, we purchased the existing business and certain
assets of IP Mental Inc., a Taiwan-based Voice over Internet Protocol (VoIP)
hardware and software provider. On November 15, 2006, we acquired Taiwan Harlee
International Co. Ltd. (HTT), a Taiwan-based leading designer, manufacturer
and distributor of telecommunications equipment, including specialized
VoIP-compatible phone systems. These acquisitions were intended to enable us to
remain competitive in the marketplace. Our current business is the design,
development and manufacturing of telecommunications equipment, including VoIP
compatible telephone systems and multi-line cordless telephone systems.

3

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On November 15, 2006, we acquired HTT, for the sum of
$5,000,000. The purchase price was paid by the delivery to the shareholders of
HTT of: (i) $200,000 in cash; (ii) $300,000 in a promissory note from us due in
cash six months after closing; (iii) 50,000,000 of our common voting shares,
with a deemed value of $0.09 per share; and (iv) 5,000,000 of our common voting
shares issued to Mr. James Wu as performance-based compensation. Other than the
acquisitions of IP Mental Inc. and HTT, we have generally only had capital
expenditures on computer equipment, tools and dies, patents, and trademarks.

We have mainly financed our operations through the use of debt
and the issuance of equity in private placements. In October 2006, we repaid a
loan we took against inventory produced to fund our first commercial run of our
payment terminals. We settled the loan for $90,000 using funds raised from the
private placement of our shares. In the short-term and until our sales are
sufficient to fund operations, we will continue to finance our operations
through debt or equity financing.

On August 12, 2010, we filed a Form S-4 Registration Statement
in connection with the continuation of our company from Alberta to Nevada. We
registered 102,645,120 shares of common stock of TransAKT Ltd. (Nevada) which
were issued to the shareholders of TransAKT Ltd. (Alberta) on a one-for-one
basis to the number of shares held by them.

Effective June 25, 2012, the Nevada Secretary of State accepted
for filing of a certificate of amendment, wherein, we amended our articles of
incorporation to increase the authorized number of shares of our common stock
from 300,000,000 to 700,000,000 shares of common stock, par value of $0.001 per
share. Our preferred stock remains unchanged.

On May 3, 2012, we entered into an Asset Purchase and Sale
Agreement with Vegfab Agricultural Technology Co. Ltd. (Vegfab), a Taiwanese
corporation, pursuant to which we intended to acquire the material assets of
Vegfab. Vegfab is in the business of manufacturing innovative indoor
agricultural equipment used to grow a large variety of vegetables and fruit
using simulated sunlight from LED lamps in a proprietary hydroponic system.
Vegfabs product line includes systems for commercial production and a home
growing system which allows families to grow safe and clean fruit and vegetables
in their own homes. Prior to completion of the transaction we and Vegfab elected
instead to proceed by way of a share purchase and, effective July 16, 2012, we
acquired all outstanding securities of Vegfab. In consideration of the Vegfab
securities, we had paid $1,000,000 in cash and issued 150,000,000 shares of our
common stock to the shareholders of Vegfab which constituted approximately 37.2%
of our common stock at the time of closing. As a result of the transaction
Vegfab became our wholly owned subsidiary and primary business unit. Vegfab has
since become engaged in the operation of a plant factory in Taiwan for the
production of pesticide-free vegetables.

Previously, we entered into a performance compensation
agreement dated June 15, 2006 with James Wu, our president and chief executive
officer, pursuant to which our company was required to pay Mr. Wu share
compensation of 10% of the value of any venture acquisition that Mr. Wu secured
for our company. As a result, in July 2012, we issued to Mr. Wu 18,333,333
shares of our companys common stock with respect to the acquisition of Vegfab.

On January 4, 2013, we entered into a share purchase and sale
agreement with Mr. Pan Yen Chu pursuant to which we sold to Mr. Pan 100% of all
issued and outstanding securities in our wholly owned subsidiary HTT. In
consideration of the sale of HTT, Mr. Pan has transferred to our company
45,000,000 previously issued common voting shares of our company with a deemed
value of $0.04 per share or $1.8 million in the aggregate. The transfer of
common shares was completed on January 7, 2013. In connection with the sale HTT,
the 45,000,000 common shares of our company received as consideration will be
returned to treasury. The 45,000,000 shares constitute approximately 11.5% of
our companys currently issued and outstanding common stock.

4

---

On October 30, 2013, Million Talented Ltd., a third party,
contributed $516 (equals to HKD 4,000) to obtain 40% ownership of TransAKT Bio
Agritech Ltd., formerly named as TransAKT (H.K) Ltd., (TransAKT H.K.).
TransAKT H.K. was incorporated in Hong Kong on November 20, 2007. It had no
operation until 2013. TransAKT H.K.'s primary business is conducting research
and development on new agricultural technology relating to the Companys
business.

Our Current Business

We began operations in 1997 and commercialized our first
product line of wireless point-of-sale (WPOS) terminals in April 2003. With
the use of cellular phones, these terminals allow merchants to accept payments
anywhere, anytime. However, our WPOS terminals were discontinued due to changes
in cellular phone regulations and limited acceptance in the marketplace. In
October 2004, through the acquisition of the business and certain assets of IP
Mental Inc., we entered the VoIP business. On November 15, 2006, we acquired
Taiwan Harlee International Co. Ltd. (HTT), a Taiwan-based leading designer,
manufacturer and distributor of telecommunications equipment, including
specialized VoIP-compatible phone systems. These acquisitions were intended to
enable us to remain competitive in the VoIP marketplace by engaging in the
design, development, manufacturing and sale of telecommunications equipment,
including VoIP compatible telephone systems and multiline cordless telephone
systems.

Effective July 16, 2012, we acquired all outstanding securities
of Vegfab Agricultural Technology Co. Ltd. (Vegfab), a Taiwanese corporation,
With the acquisition of Vegfab we entered the business of manufacturing
agricultural equipment used to grow a large variety of vegetables and fruit
using simulated sunlight from LED lamps in a proprietary hydroponic system.
Vegfabs product line includes systems for commercial production and a home
growing system which allows families to grow safe and clean fruit and vegetables
in their own homes. Vegfab has since become engaged in the operation of a plant
factory in Taiwan for the production of pesticide-free vegetables.

Concurrently with our acquisition of Vegfab, our management
began planning our exit from the VoIP telecommunications business owing to
diminishing growth opportunities for our Company in that industry. Subsequently,
on January 4, 2013, we entered into a share purchase and sale agreement with Mr.
Pan Yen Chu pursuant to which we sold to Mr. Pan 100% of all issued and
outstanding securities in our wholly owned subsidiary HTT in consideration for
the cancellation and return to treasury of 45,000,000 previously issued common
voting shares of our company with a deemed value of $0.04 per share or $1.8
million in the aggregate. The transfer of common shares was completed on January
7, 2013. The 45,000,000 shares constitute approximately 11.5% of our companys
currently issued and outstanding common stock.

As a result of our sale of HTT, Vegfab Agricultural Technology
Co. Ltd. has become our primary business unit.

We incurred a net loss attributable to common stockholders of
$139,754 and $625,820 during the three months ended March 31, 2015 and 2014,
respectively, and had an accumulated deficit of $21,653,977 and $21,514,222 as
of March 31, 2015 and December 31, 2014, respectively. In addition, we expect to
incur an operating loss in the 2015 fiscal year.

Through our wholly owned subsidiary, Vegfab, we are now engaged in the manufacture, marketing, and sale of hydroponic and LED based agricultural equipment for commercial and home use.  We currently rely exclusively on third parties for the manufacture of products that we design or distribute. Through Vegfab, we  also operated an urban plant factory in Taiwan where we produce organic vegetables for wholesale.  We currently generate revenues through the distribution of name brand LED based agricultural equipment and produce in Taiwan. However, our business remains in the development stage and we are reliant on debt or equity financing to sustain our operations.  Due to recurring losses from operations and in order to conserve operating resources, effective February 15, 2015, our management has permanently idled Vegfab’s plant factory. We aim to establish a smaller vegetable factory (with production of approximately 300-400kg per day) for demonstration purposes, although no definitive arrangements or plans have been made in this regard.

5

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About Vegfab

Vegfab Agriculture Technology Co., Ltd. was founded in 2010 by
a team of ecologically minded semiconductor specialists knowledgeable about LED
materials. The company supplies greenhouses for mass production, boxes for
gardening and plant grow boxes for households. Vegfabs products are focused on
fully enclosed greenhouses which rely on artificially controlled ambient
conditions as temperature, humidity, nutrition, and lighting. Products include
complete growing systems consisting of proprietary simulated sunlight LED
boards, growing racks in various configurations for commercial and residential
applications, environment control and plant nutrition control components,
portable work tables and ladders, fruit and vegetable seeds and nutrition
products, and safe, clean, ready to eat vegetables.

Our products are the subject of several patents, originally
issued to the founder of Vegfab with transfer to the Company currently in
process, including ones for vertically wall-mounted LED lights and ventilation
systems for grow boxes. We have applied several additional patents in China and
Taiwan, and expect that these patents will be granted in the second quarter of
2014. We intend to add desktop type grow lights to Vegfabs product line.

In the past, indoor greenhouses relied on high pressure sodium
lights, which meant that they had to be (expensively) air conditioned. However,
the rise of cool LEDs has revolutionized the potential of the indoor agriculture
industry. LED manufacturers are thus leading the way in this industry, since
artificial light is a key requirement. Vegfab lamps emit five wavelengths to
simulate sunlight. The company boasts relatively low greenhouse installation
costapproximately $155,000 for a house with 630 square meters of cultivation,
around 15% lower than that for its first-generation greenhouse. A Vegfab
greenhouse can effectively host over 60 types of vegetables. Greenhouse output
capacity is relatively high, and environmental settings are capable of yielding
zero-pesticide leafy greens for harvest in seven to 10 days,

Vegfab designed a line of innovative agricultural equipment
used to grow a large variety of vegetables and fruit using simulated sunlight
from LED lamps in a proprietary hydroponic system. Vegfabs products include
complete growing systems consisting of proprietary simulated sunlight LED
boards, growing racks in various configurations for commercial and residential
applications, environment control and plant nutrition control components,
portable work tables and ladders, fruit and vegetable seeds and nutrition
products, and safe, clean, ready to eat vegetables.

Cash Requirements

We used cash in operations of $606,142 for the three months
ended March 31, 2015. We continue to be dependent on the proceeds of equity and
non-equity financing to fund our operations. No assurances can be given that our
actual cash requirements will fall within our budget, that anticipated revenues
will be realized when needed, that lines of credit will be available to us if
required, or that additional capital will be available to us. We anticipate that
over the next twelve months, we will need a minimum of $1,100,000 to sustain
operations and market our products effectively.

6

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Our plan of operations for fiscal 2015 includes the following
budgeted expenditures:

12 Month Capital Requirements
      Forecast
    USD4Beginning January 1, 2015Capital required for expansion
      plans1
    $300,000Salaries
    $270,000Rent2
    $70,000Utilities3
    $120,000Accounting and Legal Expenses
    $120,000Public company reporting costs
    $17,500Selling, general and administrative expense
    $100,000Contingency
    $100,000Total
    $1,097,500


| | 1. | Capital for plan to open 1 small vegetable factory for
      demonstration purpose, further research and development
expenses.
| | -- | ------------------------------------------------------------------------------------------------------------------------------
| | 2. | Rent expense includes minimum lease payments due during
      2015 for current plant factory.                                 
| | 3. | Utilities expense for current plant factory will be
      approximately $10,000 per month.                                    
| | 4. | Based on 2014 average exchange rate of
  $0.03300.                                                                            

As of March 31, 2015, we will require additional financing of
approximately $1,100,000 to execute our business strategy for fiscal 2015. If we
are unable to raise sufficient financing, we intend to scale back our business
in order to accommodate available financing or revenue streams derived from our
current operations.

Results of Operations for the Three Months Ended March
31, 2015 and 2014

Our operating results for the three months ended March 31, 2015
and 2014 are summarized as follows:

|                                                 |  | Three Months ended |   |  | Three Months ended |  
|------------------------------------------------ |  | ------------------ | - |  | ------------------ | -
|                                                 |  | March 31, 2015     |   |  | March 31, 2014     |  
|                                                 |  | ($)                |   |  | ($)                |  
|Operating revenues                               |  | 71,658             |   |  | 109,007            |  
|Operating costs and expenses                     |  | 86,536             |   |  | 729,905            |  
|Loss from operations                             |  | 144,021            |   |  | 620,898            |  
|Other expenses                                   |  | (2,755             | ) |  | 14,115             |  
|Provision for income taxes expense (benefit)     |  | -                  |   |  | -                  |  
|Net loss                                         |  | 141,266            |   |  | 635,013            |  
|Net loss attributable to noncontrolling interest |  | (1,512             | ) |  | (9,193             | )
|Net loss attributable to TRANSAKT LTD.           |  | 139,754            |   |  | 625,820            |  
|                                                 |  |                    |   |  |                    |  
|Net loss per share (basic and diluted)           |  | 0.00               |   |  | 0.00               |  

7

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Net Revenues and Cost of Sales

Net revenues decreased by approximately $37,349 or
approximately 34% from $109,007 for the three months ended March 31, 2014 to
$71,658 for the three months ended March 31, 2015. The decrease in net revenues
was primarily due to the decrease in sales volume related to the sale of
vegetables to small and medium sized supermarkets in Taiwan. Cost of sales for
the three months ended March 31, 2015 totaling $86,536 or approximately 120% of
net revenues. Gross profit as a percentage of net revenues was negative 20% for
the three month ended March 31, 2015. However, the factory operated with limited
capacity producing vegetables, resulting in sales revenue that negligibly
exceeded fixed costs of operation incurred during the period.

Operating Expenses

Operating expenses were $129,143 for the three months ended
March 31, 2015, compared to $291,989 for the three months ended March 31, 2014,
representing a decrease of $162,846. The decrease in operating expenses occurred
because the factory s idle since Feb 15, 2015.

Loss from Operations

Loss from operations were $144,021for the three months ended
March 31, 2015, or approximately (200)% of net revenues, compared to $620,898
for the three months ended March 31, 2014, representing an decrease of $476,877.
The decrease in loss from operations was primarily due to the factory s idle
since Feb 15, 2015.

Other Expenses

Other income (expenses) were increased by approximately $16,870
to $2,755 for the three months ended March 31, 2015 from $(14,115 )for the same
period in 2014.

Net Income (Loss) attributable to TRANSAKT LTD.

As a result of the above factors, we have net loss attributable
to the Companys common stockholders of approximately $139,754 for the three
months ended March 31, 2015 compared to approximately $625,820 for the three
months ended March 31, 2014, representing an decrease of $486,066or
approximately 78%.

Liquidity and Capital Resources

Our financial position as of March 31, 2015 and December 31,
2014 and the changes for the periods then ended are as follows:

Working Capital

|                    |   | As of          |   |   | As of             | 
|------------------- | - | -------------- | - | - | ----------------- | 
|                    |   | March 31, 2015 |   |   | December 31, 2014 | 
|Current Assets      | $ | 1,197,168      |   | $ | 1,231,433         | 
|Current Liabilities | $ | 1,280,902      |   | $ | 1,127,398         | 
|Working Capital     | $ | (83,734        | ) | $ | 104,035           | 

Our working capital surplus decreased from $104,035at December
31, 2014 to $(83,734) at March 31, 2015, primarily as a result of decreases in
cash and cash equivalents, accounts receivable, inventory, amounts due from
related parties, prepayments, and decreases in accounts payable, accrued
expenses, construction payable, and obligation under capital lease, partially
offset by increases in other receivables and advances to suppliers.

8

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Cash Flows

|                                                                             |   | Three months |  |   | Three months |  
|---------------------------------------------------------------------------- | - | ------------ |  | - | ------------ | -
|                                                                             |   | Ended        |  |   | Ended        |  
|                                                                             |   | March 31,    |  |   | March 31,    |  
|                                                                             |   | 2015         |  |   | 2014         |  
|Net cash used in operating
      activities                                  | $ | 606,142      |  | $ | 534,750      |  
|Net cash used in investing activities                                        | $ | 0            |  | $ | 157,654      |  
|Net cash provided by
      financing activities                              | $ | 174,210      |  | $ | 196,277      |  
|Net increase (decrease) in Cash and Cash
      Equivalents during the period | $ | 27,480       |  | $ | (508,106     | )
|Cash and Cash Equivalents,
      beginning of period                         | $ | 208,922      |  | $ | 3,186,590    |  
|Cash and Cash Equivalents, end of period                                     | $ | 236,402      |  | $ | 2,678,484    |  

Operating Activities

Net cash flow used in operating activities during the three
months ended March 31, 2015 was $606,142, representing an increase of $71,392
compared to net cash flow used in operating activities of $534,750 during the
three months ended March 31, 2014. The increase in the cash used in operating
activities was primarily due to current period loss and increases in account
receivable, other receivables, and advance to suppliers, partially offset by the
decrease in inventory, prepayments, accounts payables, and accrued expenses.

Investing Activities

Net cash flow used in investing activities during the three
months ended March 31, 2015 was $0, which was a decrease of $157,654, compared
to net cash used in investing activities of $157,654 during the three months
ended March 31, 2014. The decrease in the cash used in investing activities was
primarily due to a decrease during the first quarter of 2015 in payments for
construction-in-progress, partially offset by a concurrent increase in cash used
for the acquisition of property and equipment.

Financing Activities

Net cash flow provided by financing activities during the three
months ended March 31, 2015 was $ 174,210 which representing a decrease of
$22,067, compared to net cash provided by financing activities of $196,277
during the three months ended March 31, 2014. The decrease in the cash provided
by financing activities was primarily attributable to the decrease in amounts
due to related party, which is partially offset by a net decrease of principal
payments under capital lease obligations.

Critical Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of
TransAKT Holdings Limited and its wholly owned subsidiaries: TransAKT Taiwan
Limited, and Vegfab Agricultural Technology Co., Ltd., collectively referred to
within as our company. All material intercompany accounts, transactions, and
profits have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with
generally accepted accounting principles in the United States (GAAP) requires
management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.

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Revenue Recognition

Revenues are recognized when finished products are shipped to
customers and both title and the risks and rewards of ownership are transferred
and collectability is reasonably assured. The Companys revenues are recorded
upon confirmed acceptance after inspection by the customers of the Company.

Exchange Gain (Loss):

During the three months ended March 31, 2015 and 2014, the
transactions of TransAKT Holdings Limited, TransAKT Taiwan Limited, Vegfab
Agricultural Technology Co., Ltd., and TransAKT Bio Agritech Ltd. were
denominated in foreign currency and were recorded in New Taiwan Dollar (NTD) and
Hong Kong Dollar (HKD) at the rates of exchange in effect when the transactions
occur. Exchange gains and losses are recognized for the different foreign
exchange rates applied when the foreign currency assets and liabilities are
settled.

Translation Adjustment

The Company financial statements are presented in the U.S.
dollar ($), which is the Companys reporting currency, while its functional
currency is New Taiwan dollar (NTD) and Hong Kong Dollar (HKD). Transactions in
foreign currencies are initially recorded at the functional currency rate ruling
at the date of transaction. Any differences between the initially recorded
amount and the settlement amount are recorded as a gain or loss on foreign
currency transaction in the consolidated statements of income. Monetary assets
and liabilities denominated in foreign currency are translated at the functional
currency rate of exchange ruling at the balance sheet date. Any differences are
taken to profit or loss as a gain or loss on foreign currency translation in the
statements of income.

In accordance with ASC 830, Foreign Currency Matters, the
Company translates the assets and liabilities into U.S. dollar ($) using the
rate of exchange prevailing at the balance sheet date and the statements of
operations and cash flows are translated at an average rate during the reporting
period. Adjustments resulting from the translation from NTD and HKD into U.S.
dollar are recorded in stockholders equity as part of accumulated other
comprehensive income.

Comprehensive Income

Comprehensive income includes accumulated foreign currency
translation gains and losses. The Company has reported the components of
comprehensive income on its statements of stockholders equity.

Advertising

Advertising expenses consist primarily of costs of promotion
for corporate image and product marketing and costs of direct advertising. The
Company expenses all advertising costs as incurred.

Income Taxes

The Company accounts for income taxes in accordance with ASC
740, Income Taxes, which requires that the Company recognize deferred tax
liabilities and assets based on the differences between the financial statement
carrying amounts and the tax basis of assets and liabilities, using enacted tax
rates in effect in the years the differences are expected to reverse. Deferred
income tax benefit (expense) results from the change in net deferred tax assets
or deferred tax liabilities. A valuation allowance is recorded when, in the
opinion of management, it is more likely than not that some or all of any
deferred tax assets will not be realized.

Statement of Cash Flows

In accordance with generally accepted accounting principles
(GAAP), cash flows from the Companys operations are based upon the local
currencies. As a result, amounts related to assets and liabilities reported on
the statement of cash flows will not necessarily agree with changes in the
corresponding balances on the balance sheet.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to
concentrations of credit risk are accounts receivable and other receivables
arising from its normal business activities. The Company has a diversified
customer base. The Company controls credit risk related to accounts receivable
through credit approvals, credit limits and monitoring procedures. The Company
routinely assesses the financial strength of its customers and, based upon
factors surrounding the credit risk, establishes an allowance, if required, for
uncollectible accounts and, as a consequence, believes that its accounts
receivable credit risk exposure beyond such allowance is limited.

10

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Cash and Cash Equivalents

Cash and cash equivalents include cash in hand and cash in time
  deposits, certificates of deposit, and all highly liquid debt instruments with
original maturities of three months or less.

Allowance for Doubtful Accounts

The Company maintains reserves for potential credit losses on
accounts receivable. Management reviews the composition of accounts receivable
and analyzes historical bad debts, customer concentrations, customer credit
worthiness, current economic trends and changes in customer payment patterns to
evaluate the adequacy of these reserves. Allowance for doubtful debts amounted
to $31,609 and $32,263 as of March 31, 2014 and December 31, 2013.

Inventory

Inventories are valued at the lower of cost (determined on a
weighted average basis) or market. The Management compares the cost of
inventories with the market value and allowance is made for writing down their
inventories to market value, if lower. As of March 31, 2014 and December 31,
2013, inventory consisted of raw materials, work-in-process, and finished goods.

Property, Plant & Equipment

Property and equipment are stated at cost. Expenditures for
maintenance and repairs are charged to earnings as incurred; additions, renewals
and betterments are capitalized. When property and equipment are retired or
otherwise disposed of, the related cost and accumulated depreciation are removed
from the respective accounts, and any gain or loss is included in operations.
Depreciation of property and equipment is provided using the straight-line
method for substantially all assets with estimated lives of:

Furniture and Fixtures
    3 - 5 yearsMachine and equipment
    3 - 10 yearsComputer Hardware and
      Software
    3 - 5 yearsAutomobile
    3 - 5 yearsLeasehold improvement
    30 years


The cost and related accumulated depreciation of assets sold or
otherwise retired are eliminated from the accounts and any gain or loss is
included in the statements of operations. The cost of maintenance and repairs is
charged to expenses as incurred, whereas significant renewals and betterments
are capitalized.

Long-term assets of the Company are reviewed annually as to
whether their carrying value has become impaired, pursuant to the guidelines
established in FASB ASC Topic 360, Property, Plant, and Equipment (formerly
SFAS No. 144). The Company also re-evaluates the periods of amortization to
determine whether subsequent events and circumstances warrant revised estimates
of useful lives.

Fair Value of Financial Instruments

In the first quarter of fiscal year 2008, the Company adopted
Accounting Standards Codification subtopic 820-10, Fair Value Measurements and
Disclosures (ASC 820-10). ASC 820-10 defines fair value, establishes a
framework for measuring fair value, and enhances fair value measurement
disclosure. ASC 820-10 delays, until the first quarter of fiscal year 2009, the
effective date for ASC 820-10 for all non-financial assets and non-financial
liabilities, except those that are recognized or disclosed at fair value in the
financial statements on a recurring basis (at least annually). The adoption of
ASC 820-10 did not have a material impact on the Companys financial position or
operations.

11

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Effective October 1, 2008, the Company adopted Accounting
Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures
(ASC 820-10) and Accounting Standards Codification subtopic 825-10, Financial
Instruments (ASC 825-10), which permits entities to choose to measure many
financial instruments and certain other items at fair value. Neither of these
statements had an impact on the Companys unaudited condensed consolidated
financial position, results of operations or cash flows. The carrying value of
cash and cash equivalents, accounts payable and short-term borrowings, as
reflected in the balance sheets, approximate fair value because of the
short-term maturity of these instruments.

Stock-based Compensation

The Company records stock-based compensation expense pursuant
to ASC 718-10, "Share Based Payment Arrangement, which requires
companies to measure compensation cost for stock-based employee compensation
plans at fair value at the grant date and recognize the expense over the
employee's requisite service period. The Companys expected volatility
assumption is based on the historical volatility of Companys stock or the
expected volatility of similar entities. The expected life assumption is
primarily based on historical exercise patterns and employee post-vesting
termination behavior. The risk-free interest rate for the expected term of the
option is based on the U.S. Treasury yield curve in effect at the time of grant.

Stock-based compensation expense is recognized based on awards
expected to vest, and there were no estimated forfeitures as the Company has a
short history of issuing options. ASC 718-10 requires forfeitures to be
estimated at the time of grant and revised in subsequent periods, if necessary,
if actual forfeitures differ from those estimates.

Net Loss Per Share

The Company has adopted Accounting Standards Codification
subtopic 260-10, Earnings Per Share (ASC 260-10) which specifies the
computation, presentation and disclosure requirements of earnings per share
information. Basic earnings per share have been calculated based upon the
weighted average number of common shares outstanding. Common equivalent shares
are excluded from the computation of the diluted loss per share if their effect
would be anti-dilutive.

Intangible Assets

Intangible assets include a patent. With the adoption of FASB
ASC Topic 350, Intangibles (formerly SFAS No. 142), intangible assets with a
definite life are amortized on a straight-line basis. The patent is being
amortized over its estimated life of 10 years. Intangible assets with a definite
life are tested for impairment whenever events or circumstances indicate that a
carrying amount of an asset (asset group) may not be recoverable. An impairment
loss would be recognized when the carrying amount of an asset exceeds the
estimated undiscounted cash flows used in determining the fair value of the
asset. The amount of the impairment loss to be recorded is calculated by the
excess of the assets carrying value over its fair value. Fair value is
generally determined using a discounted cash flow analysis. Costs related to
internally develop intangible assets are expensed as incurred.

Reclassifications

The reclassifications have no impact on the Companys 2013
Consolidated Statements of Operations and Comprehensive Income and Consolidated
Statements of Cash Flows.

Recent Accounting Pronouncements

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic
740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss
Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. An
unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be
presented in the financial statements as a reduction to a deferred tax asset. To
the extent a net operating loss carryforward, a similar tax loss, or a tax
credit carryforward is not available at the reporting date under the tax law of
the applicable jurisdiction to settle any additional income taxes that would
result from the disallowance of a tax position or the tax law of the applicable
jurisdiction does not require the entity to use, and the entity does not intend
to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in
the financial statements as a liability and should not be combined with deferred
tax assets. The assessment of whether a deferred tax asset is available is based
on the unrecognized tax benefit and deferred tax asset that exist at the
reporting date and should be made presuming disallowance of the tax position at
the reporting date. For public entities, the guidance is effective prospectively
for reporting periods beginning after December 15, 2013. For nonpublic entities,
the guidance is effective prospectively for reporting periods beginning after
December 15, 2014. Early adoption is permitted. The adoption of this standard is
not expected to have a material impact on the Companys consolidated financial
position and results of operations.

12

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In February 2013, the FASB issued ASU 2013-02, Comprehensive
Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other
Comprehensive Income. This ASU does not change the current requirements for
reporting net income or other comprehensive income in financial statements.
However, this guidance requires an entity to provide information about the
amounts reclassified out of accumulated other comprehensive income by component.
In addition, an entity is required to present, either on the face of the
statement where net income is presented or in the notes, significant amounts
reclassified out of accumulated other comprehensive income by the respective
line items of net income but only if the amount reclassified is required under
U.S. GAAP to be reclassified to net income in its entirety in the same reporting
period. For other amounts that are not required under U.S. GAAP to be
reclassified in their entirety to net income, an entity is required to
cross-reference to other disclosures required under U.S. GAAP that provide
additional detail about those amounts. For public entities, the guidance is
effective prospectively for reporting periods beginning after December 15, 2012.
For nonpublic entities, the guidance is effective prospectively for reporting
periods beginning after December 15, 2013. Early adoption is permitted. The
adoption of this standard is not expected to have a material impact on the
Companys consolidated financial position and results of operations.

In July 2012, the Financial Accounting Standards Board (FASB)
  issued an amendment to Topic 350-Intangibles-Goodwill and Other. This amendment
  is intended to simplify how entities test indefinite lived intangible assets for
  impairment. The amendment permits an entity to first assess qualitative factors
  to determine whether it is more likely than not that the fair value of a
  reporting unit is less than its carrying amount as a basis for determining
  whether it is necessary to perform the two-step quantitative impairment test
  described in Topic 350. No further testing is required if the qualitative
  factors indicate that it is not more likely than not that the indefinite-lived
  intangible asset is impaired. This amendment is effective for annual and interim
  impairment tests performed for fiscal years beginning after September 15, 2012.
  The Company does not expect this amendment to have any significant impact on the
current year.

Subsequent Events

We have evaluated all events or transactions that occurred
after March 31, 2015 up through the date the Company issued these financial
statements.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that are
material to stockholders.

Inflation

Our opinion is that inflation has not had, and is not expected
to have, a material effect on our operations.

Going Concern

Our company has incurred a net loss attributable to common
stockholders of $139,754 and $625,820 during the three months ended March 31,
2015 and 2014, respectively, and had an accumulated deficit of $21,653,977 and
$21,514,222 as of March 31, 2015 and December 31, 2014, respectively.

13

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The accompanying consolidated financial statements have been
prepared assuming that our company will continue as a going concern. This basis
of accounting contemplates the recovery of our companys assets and the
satisfaction of liabilities in the normal course of business. This presentation
presumes funds will be available to finance ongoing research and development,
operations and capital expenditures and permit the realization of assets and the
payment of liabilities in the normal course of operations for the foreseeable
future.

The ability of our company to continue research and development
projects and realize the capitalized value of proprietary technologies and
related assets is dependent upon future commercial success of the technologies
and raising sufficient funds to continue research and development as well as to
effectively market its products. Through March 31, 2014, our company has not
realized commercial success of the technologies, nor have they raised sufficient
funds to continue research and development or to market its products.

There can be no assurances that there will be adequate
financing available to our company and the consolidated financial statements do
not include any adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and classification of
liabilities that may result from the outcome of this uncertainty.

Our company has taken certain restructuring steps to provide
the necessary capital to continue its operations. These steps included: (1)
Tightly budgeting and controlling all expenses; (2)Due to recurring losses from
operations and in order to conserve operating resources, effective February 15,
2015, our management has permanently idled Vegfabs plant factory; (3) We aim to
establish a smaller vegetable factory for demonstration purpose, although no
definitive arrangements or plans have been made in this regard; (4) Expanding
our companys operations into China, expanding product lines and recruiting a
strong sales team to significantly increase sales revenue in 2015; (5) Relocate
our primary business unit to Hong Kong, responsible for the development of our
marketing efforts in china. (6) Cooperate with local partners in the Guangdong
province to research and develop new products; (7) Our company plans to continue
actively seeking additional funding opportunities to improve and expand upon our
product lines.

At this time, we cannot provide investors with any assurance
that we will be able to raise sufficient funding from the sale of our common
stock or through a loan from our directors, shareholders, or investors to meet
our obligations over the next twelve months. We do not have any further
arrangements in place for any future debt or equity financing.

Item 3. Quantitative Disclosures about Market Risks

As a smaller reporting company, we are not required to
provide the information required by this Item.

Item 4. Controls and Procedures

Managements Report on Disclosure Controls and
Procedures

We maintain disclosure controls and procedures that are
designed to ensure that information required to be disclosed in our reports
filed under the Securities Exchange Act of 1934, as amended, is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms, and that such information
is accumulated and communicated to our management, including our chief executive
officer (our principal executive officer) and chief financial officer (our
principal financial officer and principle accounting officer) to allow for
timely decisions regarding required disclosure.

As of the end of the quarter covered by this report, we carried
out an evaluation, under the supervision and with the participation of our chief
executive officer (our principal executive officer) and chief financial officer
(our principal financial officer and principle accounting officer), of the
effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our chief
executive officer (our principal executive officer) and chief financial officer
(our principal financial officer and principle accounting officer) concluded
that our disclosure controls and procedures were effective as of the end of the
period covered by this quarterly report.

14

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Changes in Internal Control over Financial
Reporting

During the period covered by this report there were no changes
  in our internal control over financial reporting that materially affected, or
  are reasonably likely to materially affect, our internal control over financial
reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings
against our company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our
directors, executive officers or affiliates, or any registered or beneficial
stockholder, is an adverse party or has a material interest adverse to our
interest.

Item 1A. Risk Factors

Risks Related to our Business

We have a history of operating losses which may affect our
ability to continue operations.

We have sustained operating losses before income tax of
$(141,266) for the period ended March 31, 2015. If we are unable to achieve
profitability or to raise sufficient capital to carry out our business plan, we
may not be able to continue operations.

We have a limited operating history and are still proving
the viability of our products and business model, and thus, we may be unable to
sustain operations and you may lose your entire investment.

During fiscal 2012, we abandoned our VWAP and VoIP product
lines and adopted the business of our subsidiary, Vegfab Agricultural Technology
Co. Ltd., which began operations in 2010. We are still adding to our product
line and are in the process of proving the viability of our products and
business model. If we are unable to prove our business model or the viability of
our products, we may not be able to sustain operations and our ability to raise
additional funding may be jeopardized.

Our competition has greater resources than we do and can
respond more quickly to changes in our industry which could adversely affect our
ability to compete.

Public acceptance of our products may never reach the magnitude
required for us to achieve commercial profitability.

Many of our existing competitors, as well as a number of
potential new competitors have longer operating histories, greater name
recognition, larger customer bases and significantly greater financial,
technical and marketing resources than us. These factors may allow them to
respond more quickly than us to new or emerging technologies and changes in
customer requirements. It may also allow them to devote greater resources than
we can to the development, promotion and sale of their products and services.
Such competitors may also engage in more extensive research and development,
undertake more far-reaching marketing campaigns, adopt more aggressive pricing
policies and make more attractive offers to existing and potential employees,
strategic partners, advertisers and Internet publishers. In addition, current
and potential competitors have established or may establish cooperative relationships among themselves or with third parties to
increase the quality and commercial viability of their products or services.

15

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Volatility of global economic conditions may affect our
ability to raise capital and our product costs which may affect our ability to
continue operations.

Our revenues, profitability, future growth, and the carrying
  value of our assets are substantially dependent on prevailing global economic
  conditions, generally, and on fluctuations in specific factors such as exchange
  rates, rates of inflation, governmental stability and the occurrence of
  economically disruptive events, such as war or natural or industrial disaster.
  Our ability to borrow and to obtain additional capital on attractive terms is
  also substantially dependent upon these factors. The negative impact of these
  factors on sales orders originating from an affected country would have an
  adverse effect on our borrowing capacity, revenues, profitability and cash flows
  from operations. For example, unfavorable changes in exchange rates can increase
  the cost of our products and reduce revenues, resulting in reduced
  profitability. In the event that our profitability is reduced and we are unable
  to maintain our profit margins, our ability to raise or to borrow capital may
  decrease. In addition, as has been recently experienced, general downturns in
  the technology sector worldwide have made fundraising difficult. Since the
  marketing of our products will require us to raise additional capital, such
  downturns may have an adverse affect on our ability to continue operations and
to effectively market our products.

We are dependent on key personnel who have extensive
knowledge of our products and business and thus, the loss of one or more of
these individuals may adversely affect our business.

We are heavily dependent upon the expertise of our management
and certain other key officers and directors who have extensive knowledge of our
products and our operations, and the loss of one or more of these individuals
could have a material adverse effect on our business. We do not maintain
key-person insurance policies on any of our executive officers. Since we are a
technology driven company, our future success also depends on our ability to
continue to attract, retain, and motivate highly skilled employees in the
telecommunications technology sector, and in the technology sector, generally.
Competition for employees in our industry is intense. We may be unable to retain
key employees or to attract, assimilate, or retain other highly qualified
employees in the future.

Government regulation could adversely affect our ability to
sell our products.

Government regulations could potentially slow down our
expansion plans. We may be required to obtain approval of our products from
several regulatory agencies. Regulatory approval processes can be onerous and
slow, and could adversely affect our ability to meet our financial projections.
Further, compliance with different national standards may require additional
capital investments and testing. If we are unable to obtain such financing or to
obtain any necessary approvals, our business could be adversely impacted.

We will need additional funds in order to implement our
intended projects and there is no assurance that such funds will be available
as, if and when needed, which may adversely affect our operations.

Cash flow used in operations of $606,142 for the period ended
March 31, 2015, and cash flow used in operations of $534,750 for the period
ended March 31, 2014. We continue to be dependent on the proceeds of equity and
non-equity financing to fund our operations. No assurances can be given that our
actual cash requirements will fall within our budget that anticipated revenues
will be realized when needed, that lines of credit will be available to us if
required, or that additional capital will be available to us. We anticipate that
over the next twelve months, we will need a minimum of $1,100,000 to sustain
operations and market our products effectively.

Failure to obtain such additional funds on terms and conditions
that we deem acceptable may materially and adversely affect our ability to
effectively market and distribute our products, resulting in decreased revenues
which may also result in a decreased share price.

16

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Prices for raw materials required for our products are
volatile. If there is a significant increase in prices of raw materials our
ability to generate revenue and achieve profitability may suffer.

All raw materials for our products are sourced from China and
Taiwan. Due to the fact that many of our products use computer components, the
price of these components can be highly volatile and are subject to the risk of
obsolescence. In order to control costs and the risk of obsolescence, we
contract with a manufacturer at a set price for the building of our product over
a number of terminals. Despite these efforts, there can be no assurance that we
will be able to keep prices of raw materials at a cost effective level for our
operations. If there is a significant increase in raw materials our ability to
generate revenue and achieve profitability may suffer.

Risks Related to our Stock

The market price of our common shares has been and will in
all likelihood continue to be volatile, which may adversely affect the value of
your investment.

The market price of our common shares has fluctuated over a
wide range and it is likely that the price of our common stock will continue to
fluctuate in the future. Announcements regarding acquisitions, the status of
corporate collaborations, regulatory approvals or other developments by us or
our competitors could have a significant impact on the market price of our
common shares.

Our shares currently trade on the OTC Markets OTCQB (OTCQB)
with limited activity. If this market is not sustained or we are unable to
satisfy any future trading criteria that may be imposed by the Financial
Industry Regulation Authority (FINRA) on our market makers or by the
Securities and Exchange Commission (SEC) on us, there may not be any liquidity
for our shares. Whats more, we have not generated any profit from the sale of
our products to date. These factors could have a negative impact on the
liquidity of any investment made in our stock.

The value and transferability of our shares may be adversely
impacted by the penny stock rules.

Holders of our common stock in the United States may experience
substantial difficulty in selling their securities as a result of the penny
stock rules. Our common stock is subject to the penny stock rules propagated by
the U.S. Securities and Exchange Commission, which impose additional sales
practice requirements on broker-dealers who sell such securities to persons
other than established customers and accredited investors. Accredited investors
generally include institutions with assets in excess of $5,000,000 or
individuals with net worth in excess of $1,000,000 or annual income exceeding
$200,000 or $300,000 jointly with their spouse. For transactions covered by the
rule, the broker-dealer must make a special suitability determination for the
purchaser and transaction prior to the sale. Consequently, the rule may affect
the ability of broker-dealers to sell our securities and also may affect the
ability of purchasers of our stock to sell their shares in the secondary market.
It may also cause fewer broker-dealers to make a market in our stock.

The large number of shares eligible for future sale by
existing shareholders may adversely affect the market price for our common
shares.

Future sales of substantial amounts of our common shares in the
public market, or the perception that such sales could occur, could adversely
affect the market price of our common shares. At May 20, 2015, we had
613,447,306 common shares outstanding. As of May 20, 2015, we have 45,000,000
shares of our common stock available for issuance under our stock option
plan.

No prediction can be made as to the effect, if any, that sales
of shares of our common stock or the availability of such shares for sale will
have on the market prices of our common stock.

We have limited sales of products to date and no assurance
can be given that our products will be widely accepted in the marketplace, which
may adversely affect your investment.

Our future sales, and therefore, our cash flow, income, and
ultimate success, are highly dependent on success in marketing our products and
consumer acceptance of those products. If our products are not widely accepted
or we are unable to market our products effectively, we may face
reduced share prices, decreased profitability, and decreased cash flow.

17

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There is a limited public market for our common shares at
this time in the United States which may affect your ability to sell our
stock.

Our shares currently trade on the OTCQB with limited trading.
  If this market is not sustained or we are unable to satisfy any future trading
  criteria that may be imposed on our market makers by the Financial Industry
  Regulations Authority (FINRA) or by the SEC on us, there may not be any
  liquidity for our shares. We have generated only limited revenue from the sale
  of our products to date. These factors could have a negative impact on the
liquidity of any investment made in our stock.

You should not expect to receive dividends.

We have never paid any cash dividends on shares of our capital
stock, and we do not anticipate that we will pay any dividends in the
foreseeable future. Our current business plan is to retain any future earnings
to finance the expansion of our business. Any future determination to pay cash
dividends will be at the discretion of our board of directors, and will be
dependent upon our consolidated financial condition, results of operations,
capital requirements, and such other factors that our board of directors may
deem relevant at that time.

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds

None.

Item 3. Default upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

18

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Item 6. Exhibits

|Exhibit |  |                                                                                                                                                                                                                                                                              
|------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  |  | Description                                                                                                                                                                                                                                                                  
|        |  |                                                                                                                                                                                                                                                                              
|(3)     |  | (i) Articles of
      Incorporation; and (ii) Bylaws                                                                                                                                                                                                                         
|        |  |                                                                                                                                                                                                                                                                              
|3.1     |  | Articles of Amalgamation
      (incorporated by reference from our Registration Statement on Form 20FR12G
      filed on September 16, 2003).                                                                                                                                
|        |  |                                                                                                                                                                                                                                                                              
|3.2     |  | By-laws, as amended
      (incorporated by reference from our Registration Statement on Form 20FR12G
      filed on September 16, 2003).                                                                                                                                     
|        |  |                                                                                                                                                                                                                                                                              
|3.3     |  | Certificate of Amendment
      (incorporated by reference from our Current Report on Form 8-K filed on
      June 27, 2006)                                                                                                                                                  
|        |  |                                                                                                                                                                                                                                                                              
|3.4     |  | Articles of Conversion
      (incorporated by reference from our Registration Statement on Form S-4
      filed on September 13, 2010)                                                                                                                                       
|        |  |                                                                                                                                                                                                                                                                              
|3.5     |  | Certificate of Amendment
      (incorporated by reference from our Current Report on Form 8-K filed on
      June 27, 2012)                                                                                                                                                  
|        |  |                                                                                                                                                                                                                                                                              
|(10)    |  | Material Contracts                                                                                                                                                                                                                                                           
|        |  |                                                                                                                                                                                                                                                                              
|10.1    |  | Form of Loan Agreement and Promissory Note (incorporated
      by reference from our Registration Statement on Form 20FR12G filed on
      September 16, 2003).                                                                                                              
|        |  |                                                                                                                                                                                                                                                                              
|10.2    |  | Share Purchase Agreement dated August 24, 2006 with all
      shareholders of Taiwan Halee International Co. Ltd., Cheng Chun-Chin and
      TransAKT Taiwan Limited (incorporated by reference from our to our Current
      Report on Form 8-K filed on September 26, 2006)
|        |  |                                                                                                                                                                                                                                                                              
|10.3    |  | Distribution Agreement with Panasonic (Taiwan) dated
      April, 2010 (incorporated by reference from our Annual and Transition
      Report on Form 20-F/A filed on January 21, 2011).                                                                                     
|        |  |                                                                                                                                                                                                                                                                              
|10.4    |  | Manufacture and Distribution Agreement with Sanyo dated
      April, 2010 (incorporated by reference from our Annual and Transition
      Report on Form 20-F/A filed on January 21, 2011).                                                                                  
|        |  |                                                                                                                                                                                                                                                                              
|10.5    |  | Form of Promissory for Shareholder Loan dated April, 2010
      (incorporated by reference from our Annual and Transition Report on Form
      20-F/A filed on January 21, 2011).                                                                                            
|        |  |                                                                                                                                                                                                                                                                              
|10.6    |  | Form of Subscription Agreement for Convertible Debenture
      dated April, 2010 (incorporated by reference from our Annual and
      Transition Report on Form 20-F/A filed on January 21, 2011).                                                                           
|        |  |                                                                                                                                                                                                                                                                              
|10.7    |  | Asset Purchase and Sale Agreement dated May 3, 2012 with
      Vegfab Agricultural Technology Co. Ltd. (incorporated by reference from
      our Current Report on Form 8-K filed on May 8, 2012)                                                                            
|        |  |                                                                                                                                                                                                                                                                              
|10.8    |  | Performance Compensation Agreement dated June 15, 2006
      (incorporated by reference to our Current Report on Form 8-K filed on
      August 7, 2012)                                                                                                                     
|        |  |                                                                                                                                                                                                                                                                              
|10.9    |  | Asset Purchase Amending Agreement dated July 26, 2012
      with Vegfab Agricultural Technology Co. Ltd. (incorporated by reference
      from our Current Report on Form 8-K filed on August 7, 2012)                                                                       
|        |  |                                                                                                                                                                                                                                                                              
|(14)    |  | Code of Ethics                                                                                                                                                                                                                                                               
|        |  |                                                                                                                                                                                                                                                                              
|14.1    |  | Code of Ethics (April, 2010)
      (incorporated by reference from our Annual and Transition Report on Form
      20-F/A filed on January 21, 2011).                                                                                                                         
|        |  |                                                                                                                                                                                                                                                                              
|(21)    |  | Subsidiaries of the
      Registrant                                                                                                                                                                                                                                         
|        |  |                                                                                                                                                                                                                                                                              
|21.1    |  | TransAKT Holdings Limited, a
      Turks and Caicos company.                                                                                                                                                                                                                 
|        |  |                                                                                                                                                                                                                                                                              
|(31)    |  | Rule 13a-14(a)/15d-14(a)
      Certifications                                                                                                                                                                                                                                
|        |  |                                                                                                                                                                                                                                                                              
|31.1*   |  | Certificate of Principal
      Executive Officer filed pursuant to Section 302 Certification under
      Sarbanes- Oxley Act of 2002                                                                                                                                         
|        |  |                                                                                                                                                                                                                                                                              
|31.2*   |  | Certification of Principal
      Financial Officer and Principal Accounting Officer filed pursuant to
      Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                    

19

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|Exhibit |  |                                                                                                                                                                      
|------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  |  | Description                                                                                                                                                          
|        |  |                                                                                                                                                                      
|(32)    |  | Section 1350
      Certifications                                                                                                                                    
|        |  |                                                                                                                                                                      
|32.1*   |  | Certificate of Principal
      Executive Officer filed pursuant to Section 906 Certification under
      Sarbanes- Oxley Act of 2002                                 
|        |  |                                                                                                                                                                      
|32.2*   |  | Certificate of Principal
      Financial Officer and Principal Accounting Officer filed pursuant to
      Section 906 Certification under Sarbanes- Oxley Act of 2002
|        |  |                                                                                                                                                                      
|101**   |  | Interactive Data File                                                                                                                                                
|101.INS |  | XBRL Instance Document                                                                                                                                               
|101.SCH |  | XBRL Taxonomy Extension Schema
      Document                                                                                                                        
|101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase
      Document                                                                                                          
|101.DEF |  | XBRL Taxonomy Extension
      Definition Linkbase Document                                                                                                           
|101.LAB |  | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                      
|101.PRE |  | XBRL Taxonomy Extension
      Presentation Linkbase Document                                                                                                         

|*  | Filed herewith.                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|** | Furnished herewith. Pursuant to Rule 406T of
      Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are
      deemed not filed or part of any registration statement or prospectus for
      purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed
      not filed for purposes of Section 18 of the Securities and Exchange Act of
      1934, and otherwise are not subject to liability under those
      sections.

20

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

|       |              | TRANSAKT LTD.                                              
|------ | ------------ | -----------------------------------------------------------
|       |              | (Registrant)                                               
|       |              |                                                            
|       |              |                                                            
|Dated: | May 20, 2015 | /s/ Ho
      Kang-Wing                                     
|       |              | Ho Kang-Wing                                               
|       |              | President and Chief Executive Officer                      
|       |              | (Principal Executive Officer)                              
|       |              |                                                            
|       |              |                                                            
|       |              |                                                            
|Dated: | May 20, 2015 | /s/
      Yam Chi-Wah                                      
|       |              | Yam Chi-Wah                                                
|       |              | Chief Financial Officer                                    
|       |              | (Principal Financial Officer and Principal
      Accounting
|       |              | Officer)                                                   

21

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